UK – 2 Sisters Food Group
has announced that it has completed the sale of its Green Isle Brands and
Donegal catch frozen foods business to a consortium of investors for an
undisclosed sum.

The
company said the transaction strengthens its balance sheet and reinforces its
commitment to its core strategy and key operations.

The
business unit which makes frozen vegetables and breads available in Ireland and
UK has been sold to a consortium of investors headed by ex-Largo Foods chief
Maurice Hickey, with participation from the Ireland Strategic Investment Fund,
Ireland’s sovereign wealth fund.

“We
are pleased to announce the completion of the sale of the Green Isle Brands
& Donegal Catch business to a good new home.

Maurice
Hickey is a highly experienced food CEO and we wish him and the team future
success,” said Ranjit Singh, President of Boparan Holdings Limited, the parent
company of 2 Sisters Group.

“There
have been a number of potential buyers for these companies, but as we always
make clear, any sale has to be at the right time, with the right buyer, and it
had to be a deal that fitted with our long-term strategy.

“This
transaction ticks all these boxes, and will help further simplify our business,
enabling us to focus on our core and further strengthen our balance sheet.

“With
customers and consumers at the heart of everything we do, we will continue to
focus on delivering great quality, great value products every day.”

Plans
to sell several its businesses were flagged last year as part of the strategy
to drive business transformation and organisational changes under the new CEO,
Ronald Kers.

Its
misfortunes began in 2017 when it was embroiled in in a food hygiene scandal in
2017 at its meat processing plants in the English Midlands, leading to the
suspension of orders by major UK supermarkets and a parliamentary hearing, all
of which hit profits.

The
company has since offloaded several businesses including Manton Wood sandwich
business, UK Red Meat, and proposal to sell three of its poultry processing
plants in the UK.